Singapore Real Estate is Making Promises

It isn’t that Singapore real estate is making verbal promises, but when you look at tinier businesses you cannot deny that the market is very promising for buyers. When going through figures as of 2006, we discover that the private house price index showed a healthy 50.2% increase over its 3.9% increase from 2005. If you really want to get into the nitty gritty on the figures, then let us take into consideration that property prices in Singapore are up 15.8% since the year 2004.

It’s not mysterious as to why the Singapore real estate market is on the rise since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t just the economic growth in the area fueling the Singapore Real Estate market place. It is also new policies within the housing market that were put into devote 2005. These new policies include:

The loan-to-value increased from 80% to 90%

Foreigners are more prone to be able to get apartments due specific rules no longer being put in force (foreign purchase a lot more has to qualify of: the building must be over 6 stories high and must as being a condominium).

The allowance of single people who are not related to jointly purchase properties via their Central Provident Fund (social security pension).

Cash down payments are down to 5% from the previous10% on home purchases.

Home ownership became a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has increased to 92% from the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, however now Singapore real estate is certainly making a statement.

Upon achieving economic stability, the interest in housing in Singapore has increased as well as the housing prices elevated as well. Find price of property makes for Jade scape condo a stronger Singapore real estate market and as long as these higher prices continue, so will the promises and high expectations of real estate within Singapore. Any doubt the numbers speak for themselves and they surely cannot be forgotten about.